Finance
Under the Home Mortgage Disclosure Act (HMDA), Virginia lenders must:
AProvide a Closing Disclosure 3 days before closing
BReport mortgage lending data, including loan type, amount, and borrower demographics, to help identify discriminatory lending patterns✓ Correct
COffer mortgage counseling to all first-time buyers
DLimit origination fees to 1% of the loan amount
Explanation
HMDA requires covered lenders to collect and report mortgage loan data, including borrower characteristics and loan disposition, to enable regulators to identify discriminatory lending patterns (such as redlining).
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